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Crypto mining company, Argo Blockchain, sees its shares rise by 14% after Donald Trump was projected to win the 2024 United States Presidential Election.
Based on data from the London Stock Exchange, Argo Blockchain’s stocks rose more than 14% to 10.75 GBX on Nov. 6 after Republican candidate Donald Trump was projected to win the US Presidential Election.
Argo’s stocks was able to recover from the dip in early November, after it reached a peak on Oct. 29 at 11.00 GBX. The crypto mining company’s market cap stands at £59.96 million with a trading volume of 2,436,448. Similarly, Argo Blockchain’s shares on the Nasdaq stock exchange also experienced an increase by more than 5% to $1.19 on Nov. 6, according to Google Finance.
On Nov. 6 at approximately 2:30 AM EST, Trump declared victory over Democratic Candidate Kamala Harris. Based on the current quick count results posted by AP News, Donald Trump has 267 of the 270 electoral votes needed to win the Election and is leading in key races left to be called, including Pennsylvania, Michigan and Wisconsin.
Trump’s expected victory over Harris is seen as a major win by a number of crypto enthusiasts. Although both candidates are boasting pro-crypto policies, Trump has been especially vocal regarding his support for the crypto industry.
Trump has promised to end the “war on crypto” and support Bitcoin(BTC) innovation in the U.S. He reiterated his plan to pardon Silk Road founder Ross Ulbricht, who is serving a life sentence. He also vowed to fire Securities and Exchange Commission Chair Gary Gensler.
Back in June 2024, Trump said that he wants all remaining Bitcoin to be mined in the United States, citing the country’s potential to dominate the energy sector.
According to Argo Blockchain’s October operation update, the company was able to mine a total of 46 Bitcoin or on average approximately 1.5 BTC per day. The amount of profits gained from mining crypto resulted in $3 million, a 36% increase compared to the previous month.
The company cited lower power costs for the increase in mining revenue reflects increased uptime as well as the stronger hashprice realized throughout October. As at Oct. 31 2024, Argo Blockchain held two BTC equivalent.